United Trust Bank combines new digital enhancements to deliver a 3-hour application to mortgage offer

United Trust Bank (UTB) has successfully combined its new Mortgage DIP and Auto-Underwrite technology with existing AVM and Biometric ID verification through the UTB App to provide a mortgage offer in little more than 3 hours.

The case is an excellent example of how UTB’s digital leadership and continued investment in new processes and technology is helping to drive quicker and smoother application journeys benefitting brokers, customers, and the Bank. Automating some of the actions and decisions required during a typical mortgage application is releasing skilled UTB staff to undertake tasks which add value to the application process.

The application for a first charge mortgage was submitted by Willows Finance via UTB’s broker portal at 14:35. The UTB Portal’s Auto-Underwrite system had already confirmed all underwriting requirements when the DIP was passed at point of sale, and met the criteria for an Automated Valuation Model (AVM) meaning that a physical valuation of the property wasn’t required.

At 16:10 The borrower completed their biometric ID verification using the UTB App and the mortgage was offered at 17:43 on the same day.

Jamie Millan of Willows Finance said: ‘’UTB have been experts in improving the efficiency using technology over the last couple of years. This case shows the results of that hard work and determination to be best in class’’

Buster Tolfree, Director of Mortgages, United Trust Bank, commented: “This lightning-fast turnaround is the result of considerable FinTech investment by UTB over the last three years. We launched the ground-breaking UTB App with biometric ID verification in 2019, secure webchat in 2020 and most recently Document Upload via the portal and the DIP and Auto-Underwrite functionality. These digital tools are available to all registered brokers for all UTB’s mortgage products including Purchase, Remortgage, Interest Only and Second Charge Loans.

“We’re supporting brokers by providing great products, an outstanding service, common sense underwriting and a commitment to continuously improving the speed and efficiency of the mortgage application process, both of which are key drivers of successful conversions.”